Angle Health secures $134M to develop small business benefits platform
Digital insurance startup Angle Health announced last week that it has raised $134 million in Series B funding to expand its platform to support small and medium-sized enterprises.
San Francisco-based Angle Health is a company that provides digital health care benefits to employers. Its artificial intelligence application provides care navigation services through its care teams. Its customizable health plans include telemedicine, behavioral health and other digital health solutions. The company also helps process payments, billing and invoicing and serves more than 3,000 employers in 44 states.
Its Series B round was led by Portage, with participation from Blumberg Capital, Mighty Capital, PruVen Capital, SixThirty Ventures, TSVC, Wing VC and Y Combinator. The funding round includes a mix of debt and equity. Angle Health has raised about $200 million in total.
“Angle Health happens when you bring the brightest minds in artificial intelligence and machine learning to an industry that has always lagged behind in technological innovation,” Portage general partner Ricky Lai said in a statement. “The Angle team is taking a novel approach to one of the biggest challenges facing employers today: how to provide quality health care to employees while controlling costs. They are using human-centered artificial intelligence to rebuild the operational and financial infrastructure behind health care benefits.”
Ty Wang, co-founder and CEO of Angle Health, said that with this funding, Angle Health aims to expand opportunities for more small and medium-sized employers to use its platform.
“We will also continue to build our platform in financial and healthcare services, particularly investing heavily in developing and rolling out additional services in care services to give members access to higher quality, more cost-effective treatment options,” Wang said in an email.
Angle Health's funding comes as employers face skyrocketing health care costs. Businesses expect 2026 to see their largest growth in 15 years, according to consulting firm Mercer.
What's more, when it comes to health insurance, employers often deal with “archaic infrastructure and manual processes,” Wang said. This is particularly detrimental to small employers, who often lack the resources to effectively manage health benefits.
“Angle Health is attacking this market head-on with an AI-powered platform that changes the way organizations access, customize and control healthcare costs,” he noted. “It enables employers to meet their employees' healthcare needs while stabilizing costs over the long term – a top priority as employer healthcare costs are expected to see their largest increase in 15 years.”
Angle Health's competitors include traditional insurance companies such as Blue Cross Blue Shield, UnitedHealthcare, Cigna and Aetna. Wang said Angle is unique in its ability to offer fully customized wellness plans to small businesses with just two employees.
Photo: Topp_Yimgrimm, Getty Images
